May 30, 2014 - Northern Power Systems Inc (TSE:NPS), the recently-listed US permanent magnet/direct drive wind turbine maker, said yesterday it had reduced its first-quarter net loss to USD 3.1 million (EUR 2.3m) from USD 3.4 million a year back.
The company, which in April wrapped up a USD-22.3-million capital hike, reported a non-GAAP loss before interest, tax, depreciation and amortisation (LBITDA) of USD 2.5 million as compared to a deficit of USD 2.9 million a year earlier.
NPS turned to a positive gross margin of 8.6% from a negative 9.8% in the first three months of 2013.
Revenues surged by 712% year-on-year to USD 13.8 million thanks to the strong order fulfillment supporting demand for NPS’ distributed class turbines and utility class power converters, it said.
The company’s order backlog jumped by 128% on the year to USD 48.4 million as at the end of March 2014.